Flashcards in Chapter 1 Life Deck (5)
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1
Q
At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act?
A
Upon completion of the application
2
Q
Who elects the governing body of a mutual insurance company?
A
Policyholders
3
Q
An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the
A
Fair Credit Reporting Act
4
Q
What type of reinsurance contract involves two companies automatically sharing their risk exposure?
A
Treaty
5
Q
The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called
A
reserves